Serious News
05-08-2015, 05:06 PM
Roger Penske has been all things to a city in need for more than a decade.
The Penske Corp. founder was chairman of Super Bowl XL at Ford Field, an advocate for Detroit’s Chapter 9 bankruptcy and a funder of the M-1 Rail project on Woodward Avenue. He also has invested millions in the revival of the Chevrolet Detroit Belle Isle Grand Prix.
But at 78, the Detroit billionaire businessman is focusing on his current projects, including the growing presence of the Belle Isle’s Verizon IndyCar Series race(s) — which will take place May 29-31.
Speaking with Crain’s on Tuesday evening at the Belle Isle Casino, Penske said he isn’t planning to save the former Detroit APBA Gold Cup hydroplane boat races on the Detroit River.
Last year, the Detroit River Regatta Association, longtime producers of the Gold Cup races, canceled the 2015 event. Early this year, the association closed down its own operations.
It also canceled a replacement race planned for Aug. 22-24, the Detroit River Festival of Speed, which featured hydroplane boats that are slower than the Gold Cup’s 200 mph unlimited-class boats.
“I obviously love boats and thought it was a great event, but unfortunately I’m not in contact with the (boat race) organizers,” Penske said. “I’d love someone to step up and save it, but I don’t think it will be me.”
In 2007, Penske’s private equity firm Transportation Resource Partners, along with another firm, acquired Tennessee boat maker MasterCraft Boat Co. for an undisclosed sum.
Penske also owns the 150-foot Feadship-made yacht called the Detroit Eagle. The ship is known for its immense power and speed, churning out nearly 13,000 horsepower and a cruising speed of 23 knots (nearly 27 mph), according to Yachting Magazine.
Instead, Penske will continue to throw his weight behind the Grand Prix.
Since jump-starting the race in 2012, Penske and partners have invested $4.5 million repairing the 2.3-mile racetrack, including repaving 80 percent of its surface, widening the roads and repairing drainage and pipes under the concrete, Penske said.
The rehab is expected to create the fastest lap times in track history this year, along with the IndyCar series’ new, more aerodynamic Aero kit chassis. The new chassis kits are designed and manufactured by Chevrolet and Honda.
Several of the races will be broadcast nationally, including the two Chevrolet Dual in Detroit events presented by Quicken Loans on Saturday and Sunday, May 30 and 31. Both will air on ABC.
Penske said interest in the Belle Isle event has never been higher. Advertising revenue is up 10 percent this year, and ticket sales are up 6 percent from this point last year, Penske said.
Race sponsors include Chevrolet, Cadillac, Quicken Loans, Metro Detroit Chevy Dealers and Metro Detroit Cadillac Dealers. Dozens more local sponsors for the event include Atlas Oil Co., Blue Cross Blue Shield of Michigan, Cooper-Standard Automotive Inc. and Crain Communications Inc. (parent of Crain’s Detroit Business).
The Grand Prix will also host a fundraiser gala, called the Grand Prixmiere, on Friday, May 29. The $500-per-ticket event is expected to raise as much as $900,000 for the Belle Isle Conservancy, Penske said, topping last year’s $650,000.
On the track, Penske faces the tall task of topping last year — which had near perfect weather, record attendance and Team Penske wins by Will Power and Helio Castroneves in both IndyCar races.
“Look, it’s nice to win on your home track,” Penske said. “But my first objective is to have a safe race and make it an enjoyable weekend in Detroit.”
http://www.crainsdetroit.com/article/20150506/BLOG012/150509906/penske-focus-building-belle-isle-grand-prix-not-saving-canceled
The Penske Corp. founder was chairman of Super Bowl XL at Ford Field, an advocate for Detroit’s Chapter 9 bankruptcy and a funder of the M-1 Rail project on Woodward Avenue. He also has invested millions in the revival of the Chevrolet Detroit Belle Isle Grand Prix.
But at 78, the Detroit billionaire businessman is focusing on his current projects, including the growing presence of the Belle Isle’s Verizon IndyCar Series race(s) — which will take place May 29-31.
Speaking with Crain’s on Tuesday evening at the Belle Isle Casino, Penske said he isn’t planning to save the former Detroit APBA Gold Cup hydroplane boat races on the Detroit River.
Last year, the Detroit River Regatta Association, longtime producers of the Gold Cup races, canceled the 2015 event. Early this year, the association closed down its own operations.
It also canceled a replacement race planned for Aug. 22-24, the Detroit River Festival of Speed, which featured hydroplane boats that are slower than the Gold Cup’s 200 mph unlimited-class boats.
“I obviously love boats and thought it was a great event, but unfortunately I’m not in contact with the (boat race) organizers,” Penske said. “I’d love someone to step up and save it, but I don’t think it will be me.”
In 2007, Penske’s private equity firm Transportation Resource Partners, along with another firm, acquired Tennessee boat maker MasterCraft Boat Co. for an undisclosed sum.
Penske also owns the 150-foot Feadship-made yacht called the Detroit Eagle. The ship is known for its immense power and speed, churning out nearly 13,000 horsepower and a cruising speed of 23 knots (nearly 27 mph), according to Yachting Magazine.
Instead, Penske will continue to throw his weight behind the Grand Prix.
Since jump-starting the race in 2012, Penske and partners have invested $4.5 million repairing the 2.3-mile racetrack, including repaving 80 percent of its surface, widening the roads and repairing drainage and pipes under the concrete, Penske said.
The rehab is expected to create the fastest lap times in track history this year, along with the IndyCar series’ new, more aerodynamic Aero kit chassis. The new chassis kits are designed and manufactured by Chevrolet and Honda.
Several of the races will be broadcast nationally, including the two Chevrolet Dual in Detroit events presented by Quicken Loans on Saturday and Sunday, May 30 and 31. Both will air on ABC.
Penske said interest in the Belle Isle event has never been higher. Advertising revenue is up 10 percent this year, and ticket sales are up 6 percent from this point last year, Penske said.
Race sponsors include Chevrolet, Cadillac, Quicken Loans, Metro Detroit Chevy Dealers and Metro Detroit Cadillac Dealers. Dozens more local sponsors for the event include Atlas Oil Co., Blue Cross Blue Shield of Michigan, Cooper-Standard Automotive Inc. and Crain Communications Inc. (parent of Crain’s Detroit Business).
The Grand Prix will also host a fundraiser gala, called the Grand Prixmiere, on Friday, May 29. The $500-per-ticket event is expected to raise as much as $900,000 for the Belle Isle Conservancy, Penske said, topping last year’s $650,000.
On the track, Penske faces the tall task of topping last year — which had near perfect weather, record attendance and Team Penske wins by Will Power and Helio Castroneves in both IndyCar races.
“Look, it’s nice to win on your home track,” Penske said. “But my first objective is to have a safe race and make it an enjoyable weekend in Detroit.”
http://www.crainsdetroit.com/article/20150506/BLOG012/150509906/penske-focus-building-belle-isle-grand-prix-not-saving-canceled